World’s richest 1% gained $40 trn in a decade: Oxfam
Paris, France - The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade,...
Business
Boeing offered 737 MAX plea deal, lawyer of crash victims’ families says
Washington, United States - The US Justice Department is offering Boeing a plea deal that will allow it to avoid a...
Business
Business
DP World, NIIF expand ties
NIIF Master Fund will invest $300m in DP World subsidiary HPPL.
- With this transaction, which is also the Master Fund’s single largest investment, NIIF’s investment under this partnership will reach around $500 million.
- HPPL is one of India’s leading container terminal platforms with a proven track record of growth over the long-term.
Business
Drydocks World, KANFA AS sign contract
This is the first collaboration between Drydocks World and KANFA AS.
- Under the contract, the M10 module will be placed on the main deck of a floating production, storage and offloading (FPSO) vessel.
- It will be used to process crude oil received from oil wells, which will be dewatered and stabilized to meet export quality specifications.
Business
OPEC meeting expected to stick to oil output boost
Major oil producers led by Saudi Arabia and Russia are expected to stick to a previously decided output boost at...
- The 13 members of the Organization of the Petroleum Exporting Countries, chaired by Saudi Arabia, and their 10 partners, led by Russia, drastically slashed output in 2020
- But several OPEC+ members have been failing to meet the output quotas, while Iran and Venezuela -- and now also Russia -- are blocked by sanctions
Business
Recession fears drag down European, Asian stocks
Asian and European stock markets nursed losses Wednesday on resurgent fears that sharp interest rate hikes aimed at tackling runaway...
- Bourses in Paris, Frankfurt, Tokyo, and Hong Kong all lost around one percent or more, taking their cues from Tuesday's rout on Wall Street
- Updated first quarter US GDP data released Wednesday chopped the personal consumption growth figure to 1.8 percent, from 3.1 percent
Economy
New law to allow UAE companies to act as commercial agents
The new draft law is geared to provide more business opportunities for UAE citizens and allow new categories of citizens...
- The new draft law is geared to provide more business opportunities for UAE citizens and allow new categories of citizens to access the commercial agencies business
- The UAE has also enacted a new draft law on the cooperatives that allows for the establishment of various forms of cooperatives in the country
Business
Arabian Plastic to list on Nomu
The company has won approval for an IPO of 1m shares.
- Shares to be listed represent 20 percent of the company’s share capital
- The Capital Market Authority’s approval shall be valid for six months from the authority’s board resolution date
Science
Metaverse can contribute $4bn to UAE economy
The Dubai Metaverse Strategy anticipates that 42,000 jobs will be virtualized through the metaverse by 2030 while also improving resident...
- The Dubai Metaverse Strategy, which was recently announced, aims to raise the metaverse sector's contribution to the UAE's economy to $4b by 2030
- Dubai companies like Emirates, Damac and others are already betting big on this world, and many more are expected to join the pack
Business
6G, WiFi 6, edge computing key for metaverse
To expand and upgrade the metaverse, 6G, Wi-Fi 6, and edge computing capabilities will be critical. Just as the internet...
- Metaverse participation is growing in the Middle East and GCC countries, says Martin Tarr, Chief ICT Officer of du
- Demand for a blockchain-powered metaverse has increased and industries are already benefitting from the technology, he adds
Business
Global Village gives wings to entrepreneurs, innovators
Dubai's multicultural family shopping and entertainment hub provides a unique platform to SMEs to test creative and innovative business concepts,...
- Global Village assists entrepreneurs in exploring new prospects and forming collaborations, says Naveen Jain, Director of Business Development at the park
- Dubai's multicultural family shopping and entertainment hub provides a unique platform to SMEs to test creative and innovative business concepts, he adds
Business
UAE Minister promotes trade, friendly ties during Florida visit
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi concluded a two-day visit to Florida which...
- The UAE minister's trip to Florida builds on recent trips to the UAE by local Florida officials
- He attended several high level business development and networking events and meetings
World’s richest 1% gained $40 trn in a decade: Oxfam
Paris, France - The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade,...
Business
Company News
Latest News
Equinor profits tumble
The drop was due to sharply lower gas prices and offshore wind problems.
Business
Robot maker dreams of turning sci-fi into reality
Ryo Yoshida's monster-sized drivable robot is hard to park and the $3-million price tag will crush most wallets.
Science
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting...
Economy
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Geostrategy
Saudi Arabia selected as member of UN’s AI Advisory Body
New York, United States-- United Nations Secretary-General António Guterres Friday announced the selection of Saudi Arabia to the UN Advisory...
- UN Advisory Body on Artificial Intelligence (AI) consists of 39 members representing government and private and civil-society organizations.
- Shura Council member Dr. Latifa bint Mohammad Al-Abdulkareem will represent the Kingdom at the UN AI Advisory Body.
Business
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
- Total sales contracts for residential units for the same period was QR 1.09 billion.
- Sales were concentrated in AL Rayyan, Doha, Al Wakrah, Al Daayen, Umm Salal, Al Khor and Al Dakhira municipalities.
Business
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.
- The company said that the Earnings per Share (EPS) amounted to US$0.01 (QR 0.065) as of September 30, 2023.
- UDC is a Qatari public shareholding company and the master developer of The Pearl and Gewan Islands.